Exodus cryptocurrency wallet developers have filed the application with the U.S. Securities and Exchange Commission (SEC) for a regulated $75 million token sale.
The document was submitted on February 26; the regulator has 21 days to review it. The offering of tokenized shares could proceed under the Regulation Regulation A+.
This framework enables raising funds from private investors, not only accredited ones, as restricted by Regulation D. The latter is more popular among crypto firms.
Thanks to recent changes, the amount that can be raised under Regulation A+ will rise from $50 million to $75 million as of March 15. CoinDesk co-founder Exodus JP Richardson noted that the company expects to raise that amount.
According to him, preparations for the token sale began as early as May 2020. He estimated total costs at $1 million.
The startup engaged the law firm Wilson Sonsini Goodrich & Rosati, which acted as counsel to the blockchain company Blockstack for its last regulated token sale.
The minimum investment in Exodus will be $27.42 — the price of one security token. Payments will be accepted in Bitcoin, Ethereum and the stablecoin USDC.
The company’s valuation could reach $710 million.
The Exodus token sale will run on the Securitize platform. Participation requires KYC verification. Tokens will be allocated to those with earlier submitted applications.
As previously reported by ForkLog in August on the IPO of the Gibraltar-based INX exchange. The proposed INX tokens are a hybrid solution — both utility- and security-tokens.
Recently, company representatives announced plans to obtain listing in the venture exchange section of the Toronto Stock Exchange (TSXV).
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